One of the things I really like about 5.5 is the parametric EQ. Question: if you use the built-in parametric on each track, where in the signal flow does it appear? I'm still loading a parametric into the effects list, because I want it to come AFTER a mixing console plugin I use a lot.
It comes into the signal chain in the place it appears in the mixer - everything travels downwards in the correct order. In othere words, after the insert point for FX. So if you want it to occur before a plugin, then you have to use an instance in the FX list, yes.
Question 2: There's no difference in processing load between the built-in parametric and one loaded into the effects list, right?
I don't believe that there is, no. Or if there is, it's insignificant.